Brookfield’s Altius Targets $630 Million in Upcoming India IPO

 Brookfield Asset Management Inc. is moving ahead with listing plans for Altius Telecom Infrastructure Trust, indicating a significant upcoming transaction in India’s InvIT segment, as per The Bloomberg report. 

IPO Plan and Fundraising Structure 

The trust is expected to file draft documents for its initial public offering as early as May, with the issue size estimated at up to ₹60 billion (around $630 million). Alongside the IPO, the company is also evaluating a pre-IPO fundraising round of up to ₹30 billion. 

The transaction is still under discussion, and both timing and size may change as plans evolve. Representatives from Brookfield, Altius and the associated banks have not provided comments on the development. 

To manage the offering, a group of financial institutions has been engaged, including JM Financial Ltd., Axis Bank Ltd., Kotak Mahindra Capital Co., Citigroup Inc., Jefferies Financial Group Inc. and Novaaone Capital Pvt. Ltd. 

Business Scale and Ownership Background 

Altius InvIT was established in 2019 by Reliance Industrial Investments and Holdings Ltd., a wholly owned unit of Reliance Industries Ltd.. In the same year, Brookfield acquired a stake in the trust managing Reliance’s telecom tower assets in a transaction valued at approximately ₹252.2 billion (about $2.6 billion). 

The platform has since grown significantly. It currently operates more than 257,000 telecom tower sites, up from around 136,000 at inception, and holds an estimated market share of about 40%, making it the largest telecom tower operator in India. In 2024, it further expanded by acquiring assets from American Tower Corp. in a deal valued at roughly $2.5 billion. 

InvIT Market Performance and Context 

India’s InvIT market has shown strong performance in recent periods. The country currently has 27 registered InvITs, of which 6 are publicly listed: IRB InvIT Fund, IndiGrid Trust, Powergrid Infrastructure Investment Trust, Indus Infra Trust, Capital Infra Trust and Raajmarg Infra Investment Trust. 

These listed trusts have delivered average returns of around 17% over the past year, outperforming the Nifty 50, which declined by 1.63% during the same period. 

The proposed listing of Altius could rank among the largest InvIT offerings in recent years, reflecting growing investor interest in infrastructure assets. 

Read More: Nasdaq-Listed MakeMyTrip Eyes Q1 2027 India IPO; Engages with Axis, Morgan Stanley, JPMorgan as Advisors! 

Conclusion 

Brookfield’s planned IPO for Altius InvIT highlights the scale and maturity of India’s infrastructure investment market, with strong returns and expanding asset bases continuing to attract capital. 

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